Here are seven ways to save for an annual splurge. 1. Open a separate savings account. It’s essential to designate a specific account as your splurge fund. Earmarking a separate account will help you stay disciplined and focused on your financial goal. Plus, keeping some funds somewhere besides your checking account reduces the desire to spend that money on something else. 2. Commit to a realistic...

Combining certain tax strategies with routine planning and other opportunities such as charitable gifting can help to maximize deductions, especially in a high-tax year, says Alvina Lo, Wilmington Trust’s Chief Wealth Strategist. Here are some tax moves to keep in mind for every year, not just 2023: Contribute to Tax-Advantaged Accounts Contributions made to 401(k), 403(b), and Health Savings...

If you went through anything out of the ordinary in 2022, here’s a rundown of what to consider as you (or your tax professional) prepare to file. If You Lost Your Job If you received unemployment benefits in 2022, you should receive form 1099-G in the mail. It will show the gross amount of unemployment income you received and how much was withheld for taxes. If it seems counterintuitive that you...

Over the past few months, consumers have experienced uncertainty in the financial system due to the failures in rapid succession of Silicon Valley Bank, Signature Bank, and First Republic Bank. Credit Union of Colorado’s team of experts is here to reassure consumers and provide them with the tools and resources needed to evaluate their current financial institutions. These tools and resources can...

While you were dreaming of replacing your current vehicle with a roomier model with updated safety features and advanced tech, the economy was making other plans. Car prices have risen drastically over the past 18 months, leaving many consumers priced out of the market or choosing a less desirable alternative. But what if you could reduce the cost of your next ride by focusing on a few simple...

You might be counting down the days until you no longer need to carpool, use public transit, or depend on someone else’s schedule to get around town. But, if you’re like many first-time car buyers, you’re finding it hard to choose a vehicle that’s a good fit for both your personality and your bank account. Compare the pros of buying new versus used to help quickly narrow your selection and find...

The final months of the year offer a valuable opportunity to make key financial moves that can set you up for success in January and beyond. Here are eight thoughtful pieces of advice to guide you through your fall financial check-up: Review Your Monthly Budget: Summer tends to be a season of increased spending, with vacations and social activities in full swing. Take a close look at your income...

Have you ever felt overwhelmed by the menu in a diner? One that goes on and on for pages — offering you everything from breakfast to dinner, 24 hours a day? Retirement accounts aren’t all that different. While everyone knows (or should know) the importance of saving for retirement, the vast menu of retirement savings plans can be quite confusing. Add in the questions of how they work and how much...

When you're eager to say goodbye to landlords and hello to homeownership, it might seem like it will take an eternity to save for a mortgage down payment. But the amount you bring to the closing table can lower your payments and reduce the borrowing cost by shrinking the loan size. Not all savings strategies take years to achieve or require significant budget adjustments or minimal lifestyle...

Perhaps you’ve heard of the Federal Deposit Insurance Corporation (FDIC), which provides account insurance for bank customers. Credit union members are eligible for the same account coverage through the National Credit Union Association (NCUA). And members who understand how NCUA insurance safeguards their money can rest easy—even when headlines scream about a bank or credit union failure. Here...